[2018-11-28] Bitcoin Price: Almost $10,000 Now, What's Next?

[Vladdirescu87]

Reaching all-time highs every day is not surprising anymore. It is not a rollercoaster and not simply an upsurge. It is a hyperjump.

According to Mark Dukas, Bitcoin and Blockchain Consultant, and cryptocurrency trader at BitcoinSmartMoney.com, “this week's trend of Bitcoin blowing through all-time highs continues. The Bitstamp chart shows Bitcoins price reaching $9,721 before taking its first breather. The amount of volume on the move up to $9,700 was higher than average volume over the past few days. As a trader, this legitimizes the price move up.”

As to the possible Bitcoin price change in the future, Mark Dukas shared his opinion with Coinidol:

“From a technical analyst view, Bitcoin's mid-term price support on the 720 min chart (2 bars per day) is currently at $7,431.00. New resistance is now $9,721 and price support sits at $5,555.00. Look for another small push down before prices takes off through $10,000 USD. Be sure to check out volume moving the price to see the legs this next move has. A mind-blowing number came out of the Coinbase camp: 33,000 new users every day are signing up. The amount of Bitcoin mined per day: 1,800. Math and numbers don't lie. Look for $10,000 plus and cryptocurrency market cap as a whole to reach half a trillion dollars in 2018.”

The full article: https://coinidol.com/bitcoin-price-analysis/

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[cr1776]

Once it hits $10,000.00 the answer to the question of “what’s next?” is obvious: 10,000.01 or 9999.99

[richardsNY]

One who knows what's next can bank massively by either opening or closing positions. For quite a long period of time people don't know what's happening, or what's next, to follow this thread. One side has been cashing out at levels far below current ones, and the other side kept holding till where we are right now. Only after all speculation and throwing around with guesses, people find out what has been the right thing to do, which in this case was holding. In this case it's a fifty fifty percent chance of being right or wrong about what's going to happen next. From there I do agree with cr1776, we'll either go up or down from the moment the $10,000 level is reached.

[iamTom123]

Reaching all-time highs every day is not surprising anymore. It is not a rollercoaster and not simply an upsurge. It is a hyperjump.

I love that new term...hyperjump and that really zero in on what is happening with Bitcoin right now. Taken into account that speculation is playing a big part in this super-surge, the overall sentiment in the market is very positive and many are already looking forward for Bitcoin to go beyond the $10,000 level and by next year Bitcoin can be gunning for $20,000 and if things would work out well in the introduction of Futures Contracts by CME we can expect more hot institutional money to start pouring in. Right now, there are many fund managers already planning on how they can play with Bitcoin and get some share of the possible profits. Of course, there can be some correction which has become common with Bitcoin but for every dip there would be a corresponding surge later so there is nothing to worry about. 

[ApocalypseNow]

It's going either still upward or downward and that is all I know that is waiting to happen next. I hope articles will tell to their readers that bitcoin is still cheap to still increase its value because news is one of the reason of bitcoin's all time highs.

[1Referee]

Ok, $10,000 is broken, and we're heading towards $11,000 now it seems. It isn't much of a big deal in terms of gains in percentages, but the fact that we are moving at five figure levels right now is very pleasing. The dump people were waiting for hasn't shown up, or it might still in the coming days/weeks. It's the Asian market that's steering this market to new record highs, where Korean nominated exchanges are close to $12,000 right now. Let's see how long we're able to maintain +$10,000 levels. If it could be done all the way till CME's 'judgement day', and they get the approval that would allow them to offer Bitcoin related futures, this market will go up even higher.

[LuanX3]

Ok, $10,000 is broken, and we're heading towards $11,000 now it seems. It isn't much of a big deal in terms of gains in percentages, but the fact that we are moving at five figure levels right now is very pleasing. The dump people were waiting for hasn't shown up, or it might still in the coming days/weeks. It's the Asian market that's steering this market to new record highs, where Korean nominated exchanges are close to $12,000 right now. Let's see how long we're able to maintain +$10,000 levels. If it could be done all the way till CME's 'judgement day', and they get the approval that would allow them to offer Bitcoin related futures, this market will go up even higher.

$10k is indeed broken already, and seems like we're quite heading to far higher prices than anyone could have anticipated. I do think it will even reach $15,000 before the year ends and prices will definitely be quite high but will not have any more fears that it will go down significantly to the point that it would be below $9,000 anymore. I think if it does reach $15,000 or even above $11,000 it won't ever go down below that $9,000 mark.

[Lucius]

Truly unbelievable growth which simply does not show signs of slowdown at this time.Just some 10 days ago we are at 8000$ and the main question was  can BTC reach the price of 10 000$ before end of this year.If the data for Coinbase users are accurate then we have an incredible inflow of 33 000 new users every day only there, which is a real proof that a huge number of people want to buy BTC.I think that army of small buyers worldwide in combination with CME BTC futures which is expected to start soon are the reason for what we see these days.

[1Referee]

I think if it does reach $15,000 or even above $11,000 it won't ever go down below that $9,000 mark.

I am a bit more conservative when it comes to discarding certain levels from being reached again. I definitely get it that people put a massive amount of confidence out of current bull run, and rightfully so, but the $9000 level isn't anything special, or something even close to a level that the market is willing to support. As we speak, the market is so extremely thin, that an old hand can easily tank the market far below $10,000 in an instant. Sure, the market will likely get bought up again, but if there are several old hands looking to do the same, things get a bit more serious. Even if we do happen to fall back to $5000's it's not that big of a deal. It's still 400% higher than the the 1st of January of this year

[BitHodler]

It did what it had to do. It was quite simple to come up with 2 potential outcomes. 1 is that the price would go down afterwards. 2 is that the price would go up afterwards. The second outcome in this case has become reality.

I seriously hope that we'll be able to maintain the $10,000 mark for a good while, but that might be a bit too much to ask for. On the other hand, I might be completely wrong and we'll march towards the $20,000 mark similarly.

It's insane if we look at Bitcoin's trading volume in the last 24 hours. $9.2 billion is by far the highest ever volume measured. It isn't all that long ago where the volumes were just a few hundred million per day.

[sindikat]

The world has gone mad. I don't know how long will this price increase, but it seems to me that this won't end well. Now increases the number of transactions and again will be the question that you need to increase the block size. Now it is very difficult to earn bitcoins. You can only buy them. This leads to the fact that people can again return to Fiat.

[J. Cooper]

Ok, $10,000 is broken, and we're heading towards $11,000 now it seems. It isn't much of a big deal in terms of gains in percentages, but the fact that we are moving at five figure levels right now is very pleasing. The dump people were waiting for hasn't shown up, or it might still in the coming days/weeks. It's the Asian market that's steering this market to new record highs, where Korean nominated exchanges are close to $12,000 right now. Let's see how long we're able to maintain +$10,000 levels. If it could be done all the way till CME's 'judgement day', and they get the approval that would allow them to offer Bitcoin related futures, this market will go up even higher.

$10k is indeed broken already, and seems like we're quite heading to far higher prices than anyone could have anticipated. I do think it will even reach $15,000 before the year ends and prices will definitely be quite high but will not have any more fears that it will go down significantly to the point that it would be below $9,000 anymore. I think if it does reach $15,000 or even above $11,000 it won't ever go down below that $9,000 mark.

There genuinely is no way for it to go down too. Everybody is extremely hyped up and bitcoin did get some good news coverages yesterday (even where I live). The catalysts of the previous big 'crashes' were the China ban and the segwit 2x situation looking at the future there seems to be no similar obstacle that we need to tackle. So for now the only is up. But still, we know it has got to come down at some point.

[darkangel11]

There genuinely is no way for it to go down too. Everybody is extremely hyped up and bitcoin did get some good news coverages yesterday (even where I live). The catalysts of the previous big 'crashes' were the China ban and the segwit 2x situation looking at the future there seems to be no similar obstacle that we need to tackle. So for now the only is up. But still, we know it has got to come down at some point.

Do you really believe that? Let's ignore all the hype for a while and focus on how this surge is built and what it's based on. I love BTC but it still has very little acceptance. People are buying it because they believe that this acceptance will come, but just let them read some negative news like a big exchange being hacked or something like that and you'll see the bids disappear in a matter of hours. What comes up must come down, it's only a matter of time.

[Adinalini]

The bubble finally bursts! Or it becomes bigger making it more volatile!! Imo.

[Samarkand]

The bubble finally bursts! Or it becomes bigger making it more volatile!! Imo.

Even with the current drop Bitcoin is still up more than 11 % today. I assume
this drop was just some people locking in their profits. The high volatility is probably
caused because currently very few coins are being sold at the exchanges.

I´d even argue that probably most miners have started to hoard their coins instead of selling
them to pay for their expenses, because of the huge bull market. Why would you sell your BTC for 7k in order
when you can sell it for 11k a few weeks later? I assume most miners have sufficient reservers to be
able to pay electricity bills and other expenses for quite a while without having to sell
their newly mined Bitcoins.

[J. Cooper]

There genuinely is no way for it to go down too. Everybody is extremely hyped up and bitcoin did get some good news coverages yesterday (even where I live). The catalysts of the previous big 'crashes' were the China ban and the segwit 2x situation looking at the future there seems to be no similar obstacle that we need to tackle. So for now the only is up. But still, we know it has got to come down at some point.

Do you really believe that? Let's ignore all the hype for a while and focus on how this surge is built and what it's based on. I love BTC but it still has very little acceptance. People are buying it because they believe that this acceptance will come, but just let them read some negative news like a big exchange being hacked or something like that and you'll see the bids disappear in a matter of hours. What comes up must come down, it's only a matter of time.

The question is. Is broader acceptance and usage really needed for it to go up in value? The main thing I'm very excited for when it comes to bitcoin (disregarding the blockchain technology) is the scarcity going into the future. That combined with the trust (bitcoin ha never been hacked) factor will be huge. So even if we don't solve the scaling problem effectively we will still have a very stable and trusted chain. If this is the case bitcoin will become the digital gold. We will probably use another more practical cryptocurrency for transacting but it's value would be based on bitcoin. So in a sense we would have a bitcoin standard.

[HollywoodCoins]

If we analyze the whole history of Bitcoin development, its ups, downs and popularization, then we can confidently forecast the future stable price growth of Btc for years to come. Of course, small and even large waves are inevitable, but they will not change the overall situation associated with a constant upward direction.
It seems to me that for a significant collapse Bitcoin must be applied very powerful and carefully prepared actions. Or some miracle